The Australian share market was more than one per cent lower at noon, in a broad-based declined led by the miners, after the US market declined overnight.
All Ordinaries fell 63 points, or 1.32 per cent, to 4,726.
Analyst said "Following on from a somewhat lackluster America, we have proved again that we will never decouple. It's a broad-based retreat and it's going to be a lackluster day for the rest of the day. The American economy still has a lot of questions."
Weapons maker Metal Storm Ltd (MST) still hasn’t received the first funds promised as part of Assure Fast Holdings US$35million investment in the company. The first tranche of $2.1 million was initially scheduled for November 3 but was extended until yesterday evening, however as yet the company has not received the money. Metal Storm has posted net losses in the last five years.(No more touch)
Australia's biggest home loan lender Commonwealth Bank of Australia Ltd (CBA) has raised its standard variable lending rate by more than the central bank's increase. CBA said in a statement on Friday that it would increase its standard variable home loan rate by 37 basis points to 6.61 per cent, effective Wednesday, December 9.
All sectors are in the red at midday, however the sector with the smallest loss is the Energy index which is down 94 points to 15,905.
The worst performing sector at midday is the Materials index, down 229 points to 12,429. Shares in Aquarius Platinum (AQP)fell 4.92% to $6.57.(Got at 6.49 and sold 6.59)
Gold is trading at US$1,202.35 an ounce and the Aussie dollar is trading at 92.18 US cents.
RED:Here's a company with many of the boxes ticked. Siana Gold Project(forecast to be in the US$350/oz region over the life of the mine. It’s mean operating cost is lower)
Starting first half 2011 gold output is forecast at 50koz for year 1, averaging 85kozpa for at least 10 years. (Great production)
No country risks are for the Philippines.
Sometimes you can research a stock so well that the rest of the market is blind to what you know, sometimes the market just bails out of these ignored Gems. If you know you are right, hold tight and do not let unfounded emotion tip you out of a future winner.Under .18c is good buy(IMO)
Trade with the trend of the sector. It is important to know where market sentiment is at. If the sector is popular and moving North East, you are on the right track. You might have to dig a little deeper to find the sector, but the ASX usually has this info on their site.
